Bitcoin tests $66 000 support ahead of US jobs data

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Yaroslav Dmytrenko

11.02.2026

Bitcoin tests $66 000 support ahead of US jobs data — BTC and ETH slide as bearish pressure intensifies

On Wednesday, February 11, the total cryptocurrency market capitalization fell by more than 3%. Bitcoin and Ethereum each lost over 4%, with BTC trading below $66,500 and ETH dropping below the key support level of $1,920. The sell-off intensified ahead of the release of U.S. labor market data, which will be important for the Federal Reserve in determining interest rates and could increase volatility.

Bitcoin’s price declined toward the $66,000 mark on Wednesday, reaching new weekly lows. At the same time, the MACD indicator signals a potential rebound, while the RSI has dropped below 30, indicating extreme oversold conditions. However, there are doubts that the asset will be able to return to $70,000 in the near term, as bulls are showing weakness and uncertainty.

Bitcoin daily chart. Source: TradingView

Cointelegraph highlights the importance of the $69,000 level, where Bitcoin spent much of 2024 consolidating. This level also corresponds to the 2021 cycle peak.

“These eight months of consolidation combined with the 2021 peak created structural strength at this level, and it’s encouraging to see the market recognize that,” Keith Alan, co-founder of trading resource Material Indicators, wrote in a post on X.

The author concludes that the $69,000 price level is gaining even greater significance and, in the event of a bullish breakout, could reinforce structural support.

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“Similarly, if the downtrend continues, as history (and the charts) suggest, resistance in this range will be even stronger than it was in 2024. That doesn’t mean it will be impenetrable, it simply means significant momentum will be required to break through. At the moment, we do not see sufficient momentum for a sustainable breakout,” Alan concluded.

Bear market continues

Ongoing outflows from crypto ETFs support the continuation of bearish momentum, along with capital rotation from cryptocurrencies into less risky assets and rising silver and gold prices. Some investors are rushing to lock in profits earned during the recent rebound.

Alongside BTC and ETH, most leading altcoins are also declining. SOL and WLFI fell more than 6%, while Monero gained 5% and Aster rose 6%. ZRO stands out from the broader market, surging 40% over the past 24 hours.

As we wrote, Bitcoin price prediction: Will oversold signals spark a bounce? BTC down 2.89%

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